Without asset growth, after 1 year you have $990.
If you include let's say 5% asset growth, after 1 year you have $1,000 * 1.05 * 0.99 = $1,039.
Then after another year, without growth you have $980.1
With %5 growth you have $1,040 * 1.05 * 0.99 = $1,080.
So the article claims that with 1% wealth tax you'll lose 45% of your assets over time. With any growth above 1% every year, you will actually at least break even.
Without asset growth, after 1 year you have $990. If you include let's say 5% asset growth, after 1 year you have $1,000 * 1.05 * 0.99 = $1,039.
Then after another year, without growth you have $980.1 With %5 growth you have $1,040 * 1.05 * 0.99 = $1,080.
So the article claims that with 1% wealth tax you'll lose 45% of your assets over time. With any growth above 1% every year, you will actually at least break even.